29 Jun Discuss the four major methods to segment a market
Question
Q1
Discuss the four major methods to segment a market: geographic, demographic, psychographic and behavioural segmentation. Marketers rarely limit their segmentation analysis to only one or few variables. Using the Roy Morgan Values Segment of your Marketing Plan Project as an example, describe the geographic, demographic, psychographic and behavioural characteristics of this Value Segment.
Q2
Define what is a “new product”? Discuss the five characteristics of a new product that may affect its rate of adoption. Using the new product of your Marketing Plan Project as an example, discuss the likely adoption of this new product in your target Roy Morgan Values Segment with reference to these five characteristics: relative advantage, compatibility, complexity, divisibility and communicability.
Q3
Companies introducing a new product can choose between two broad pricing strategies: market-skimming (or price skimming) and market-penetration pricing. Compare the differences between these two new product pricing strategies. With reference to the new product of your Marketing Plan Project, discuss and justify your recommended pricing strategy for this new product in light of the Roy Morgan Values Segment you are targeting.
Q.4
Explain at least three reasons why so many new products fail. Give two suggestions on how a company can improve its odds of new product success.
Q.5
Discuss the elements in the communication process. How can a marketing communicator, such as an advertiser, reduce noise when communicating a product message to the target audience? [Note: Noise may occur at any stage in the communication process.]
Q.6
Discuss the differences among the intensive, selective and exclusive distribution strategies. The characteristics of convenience, shopping, specialty and unsought goods play a major role in determining the marketing mix for products in each of these categories. Briefly describe the distribution strategies (intensive, selective, or exclusive) of each type of product. Which channel member(s) is/are most likely to bear the promotional responsibility for each type of product?
Q.7
Compare simple lists such as a mailing list with a customer database. How has the implementation of Do Not Call legislation changed telephone marketing?
Q.8
List and discuss three common criticisms of marketing. For each criticism, state how you, as a marketer, might respond to the criticism.
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